OPPEIN(603833) KAIYUAN SECURITIES·2024-10-31 07:31Investment Rating - Investment rating: Buy (maintained) [1] Core Views - The company's performance has faced temporary pressure, but the ongoing deepening of the whole-home strategy supports a resilient growth outlook [1][2] - The company achieved operating revenue of 13.88 billion yuan in 2024Q1-Q3, a year-on-year decrease of 16.21%, and a net profit attributable to the parent company of 2.03 billion yuan, down 12.1% [1] - The company is expected to benefit from the implementation of old-for-new policies, which are anticipated to stimulate end-user demand in the home furnishing sector [2] Revenue Breakdown - Revenue from cabinets, wardrobes, and related products, bathrooms, and wooden doors for 2024Q1-Q3 was 4.03 billion, 7.19 billion, 800 million, and 830 million yuan respectively, with year-on-year changes of -21.99%, -18.99%, -1.62%, and -17.10% [2] - Gross margins for these categories were 30.62%, 40.88%, 29.01%, and 26.75%, with year-on-year changes of -3.28, +5.72, +0.24, and +4.31 percentage points [2] Profitability - The company's gross margin for 2024Q1-Q3 was 35.5%, an increase of 1.6 percentage points, while the net profit margin was 14.7%, up 0.8 percentage points [3] - In 2024Q3, the gross margin improved to 40.4%, with a net profit margin of 19.7%, reflecting significant quarterly improvements [3] Financial Forecast - Projected operating revenue for 2024 is 19.55 billion yuan, a year-on-year decrease of 14.2%, with a net profit of 2.736 billion yuan, down 9.9% [4] - The expected EPS for 2024 is 4.49 yuan, with a P/E ratio of 15.0 [4]